Canada's Central Bank Commits To Low Interest Rates For 2021
1 min read
Low-interest rates may stick around for a little longer, as the Bank of Canada plans to extend 2020 mortgage rates well into 2021. But will this do more harm than good to Canada’s real estate industry?
Both prospective and current property owners have taken advantage of record-low rates that have dipped below five, perfect for a five-year fixed term. Areas outside of the city became increasingly sought after, as work from home proves to be our new normal, at least for the time being. For Canadians who are looking to enter the market, low-interest rates are an appealing incentive. However, this may cause blurred lines between affordability and over-extension. Fluctuating rates are given little thought as buyers continue to take advantage of an ideal market.
When investing in property during today's climate, strategizing is vital. Navigating a low-rate environment may pose challenging at the moment, but planning for future fluctuation will help you stay ahead of the game once mortgage rates begin to rise once again.
Learn more about how you can navigate a low-interest environment.
Reference
Sartor, L., & Haslett, E. (2021, March 04). How low can Rates go: Navigating a long-term low rate environment: Renx - real estate NEWS EXCHANGE. Retrieved March 04, 2021, from https://renx.ca/how-low-interest-rates-navigating-long-term-environment/
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